Tuesday, July 7, 2015

Corporate cyber crime: Real or bogus?

SEC asks Comcast, Verizon, Amazon to tell more about online attacks

Corporate cyber crime: Real or bogus?

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"The 27 largest U.S. companies reporting cyber attacks say they sustained no major financial losses, exposing a disconnect with federal officials who say billions of dollars in corporate secrets are being stolen," reports Bloomberg.
"The 27 largest U.S. companies reporting cyber attacks say they sustained no major financial losses, exposing a disconnect with federal officials who say billions of dollars in corporate secrets are being stolen," reports Bloomberg.
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"The 27 largest U.S. companies reporting cyber attacks say they sustained no major financial losses, exposing a disconnect with federal officials who say billions of dollars in corporate secrets are being stolen," reports Bloomberg here.

"Those mixed messages have triggered a debate over whether Washington is overstating the damage from cyber attacks or whether companies are understating its impact -- or not disclosing the attacks at all. It also raises questions about whether some companies are painting more alarming scenarios for politicians than for their investors...

"MetLife Inc., Coca-Cola Co., and Honeywell International Inc. were among the 100 largest U.S. companies by revenue to disclose online attacks in recent filings with the Securities and Exchange Commission... Citigroup Inc. reported “limited losses” while the others said there was no material impact... Companies including Amazon.com Inc., Comcast Corp. and Verizon Communications Inc. have been asked by the SEC over the past year to disclose more about cyber attacks than they volunteered in 2011 annual reports."

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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